UK inflation rate in 1934: 0.00%

UK Inflation Calculator


UK Inflation Rate, 1934-2018 (£100)

The composite price index (CPI) in 1934 was 15.8. the Office for National Statistics uses this CPI value to track inflation on a monthly basis.

According to the Office for National Statistics composite price index, the pound experienced an average inflation rate of 5.18% per year. Prices in 2018 are 6840.5% higher than prices in 1934.

In other words, £100 in the year 1934 is equivalent in purchasing power to £6,940.45 in 2018, a difference of £6,840.45 over 84 years.

Compared to last year's annual rate, the inflation rate in 2018 is now 3.10%1. If this number holds, £100 today would be equivalent to £103.10 next year.

Inflation from 1934 to 2018
Cumulative price change 6840.45%
Average inflation rate 5.18%
Price difference (£100 base) £6,840.45
CPI in 1934 15.8
CPI in 2018 1096.59148

UK inflation chart from 1988 to 2017. Based on the UK Consumer Price Index.

How to calculate the inflation rate for £100 since 1934

This inflation calculator uses the following inflation rate formula:

CPI in 2018 / CPI in 1934 * 1934 GBP value = 2018 GBP value

Then plug in historical CPI values. The UK CPI was 15.8 in the year 1934 and 1096.59148 in 2018:

1096.59148 / 15.8 * £100 = £6,940.45

£100 in 1934 has the same "purchasing power" as £6,940.45 in 2018.

News headlines from 1934

Politics and news often influence economic performance. Here's what was happening at the time:

  • American and Canadian prairies suffer during "The Great Dustbowl", a period of drought and severe dust storms.
  • John Dillinger becomes commonly known as America's first Public Enemy Number One.
  • Hitler brutally purges the leadership of the Nazi party in an event known as "Night of Long Knives".
  • The Assassination of Leningrad mayor Sergey Kirov is used as a pretext by Stalin to start the Great Purge of the Communist party.

Inflation Data Source

Raw data for these calculations comes from the composite price index published by the UK Office for National Statistics (ONS). A composite index is created by combining price data from several different published sources, both official and unofficial. The Consumer Price Index, normally used to compute inflation, has only been tracked since 1988. All inflation calculations after 1988 use the Office for National Statistics' Consumer Price Index, except for 2017, which is based on The Bank of England's forecast.

You may use the following MLA citation for this page: “Inflation Rate in 1934 | UK Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 25 May. 2018,

» Read more about inflation.